What Exactly is Wealthsimple?
Wealthsimple is an easy to use Canadian online Financial, securities and crypto trading web app that differentiates itself from the competition by charging no fees.
A Toronto, Ontario based fintech company founded in Fall twenty fourteen originally as a robo advisor algorithmic automated trading app called Wealthsimple Invest, it has evolved substantially over the previous eight years to also include Wealthsimple Trade, a no fees discount brokerage service.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade lets consumers trade stand alone stocks and also ETFs without needing to pay any commissions. The exception to this is when trading stocks that are denominated in USD. In which case, they charge a small currency conversion fee both when buying and selling. However, gone are the days of having to pay $7-12 per trade with digital discount brokerages as was the norm only a few years ago.
How Much in Funds Will I Need to Have to Begin Investing on Wealthsimple Trade?
Wealthsimple is awesome in that they allow new customers to make a minimum deposit of only $1. The majority of alternative banks and discount brokerages have large initial deposit amounts of 1k-$5,000. This makes it impossible for the common new investor to start investing. With Wealthsimple Trade, you don’t need to be wealthy to begin trading stocks and ETFs.
But Does Wealthsimple Trade Have RRSP Accounts?
They do. Wealthsimple Trade has available CRA registered and non-registered account types. One can choose between both RRSP and TFSA accounts during the setup wizard.
But Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a convenient mobile app available on both IOS and Android. The mobile app makes the enrollment process and the trading of stocks and ETFs incredibly painless.
Is Wealthsimple Trade Legit?
. Wealthsimple Trade is trustworthy. Wealthsimple boasts over 15 billion CAD in Assets Under Management (AUM). These folks have been expanding for more than 7 years and also at this time employs over 600 Canadians. The main shareholder is the public Canadian entity Power Corp of Canada. Weapthsimple Trade is the very first no-fee digital discount brokerage operating in Canada.
So How Does One Fund a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it very simple to add money to your account. Just connect a chequing or savings account with your Trade account, and then add money to your account in only a few steps. Deposits from banks to Wealthsimple typically take just a few days. Funds can just as easily be moved back to your chequing or savings accounts through the same method.
What Other Benefits and Products Are Offered by Wealthsimple?
Wealthsimple Cash – An equivalent to E-Transfers which allow anyone to quickly and simply send money to friends and family in Canada.
Wealthsimple Tax – Everything you require to get ready for this tax year and file your tax return online free. It’s pitched as simple, accurate and always totally free income tax filing.
Wealthsimple Spend – A hybrid pre paid visa and savings product that allows one to earn 1% cashback on your purchases, as well as get a competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform that offers a bunch of online courses on different topics such as saving, investing, crypto, home buying and more.
Each of the listed features, along with Wealthsimple Trade can be found in the app or at their site with one login.
But How Should I Get Started With Wealthsimple Trade?
Click here to setup a new Wealthsimple Trade account. For an exclusive registration bonus to our audience you’ll get the equivalent cash value of a random share worth $25 up to $4,500 Canadian when you fund your account.
What if I Still Have Additional Questions Concerning Wealthsimple Values?
If this article hasn’t given you the answers to all of your questions, and you’re still looking for further facts relating to Is Wealthsimple Trade App Safe, check out the Wealthsimple site to find answers to every one of your questions.